Stay Safe To Enjoy Health Insurance No Claim Bonus

As each passing day, people are surrounded by numerous health risks. Daily workload, house work and financial problems are putting you under stress which lead to many health issues. Visiting a doctor’s clinic every month for some health issues disturbs your monthly budget. Moreover, falling sick on and off is not good for anyone’s health. Unfortunately, you can never tell when your health will signal you about a health disorder. If your health condition is serious, then you may have to be admitted in a hospital and the hospital charges of the present days are skyrocketing. Medical expenses are escalating everyday and it becomes difficult to meet the costly medical expenses for common people. Aside from hospital charges, you will have to spend money on medicines, diagnosis,  treatment and doctor’s follow-up which will put a load on your wallet. It is best to be prepared for any unfortunate consequences by having strong financial support which can be possible through health insurance. You may be having good savings in your bank account. But, you feel upset when your hard-earned savings are used in medical expenses. There are many people who do not have sufficient amounts in the bank. It becomes extremely difficult for such people to meet medical expenses when any of their family falls sick. The health insurance policy provides the insured person a substantial amount which they can use in times of medical emergencies. If you research over the internet, you may come across various types of health insurance companies which offer various health insurance plans. No claim bonus is one of the health insurance plans which offers rewards to the people who have not used insurance claims for an entire year. Some amount is added to the insured person’s health insurance policy in the no claim bonus. The financial rewards you get will help increase the no claim bonus coverage. Another benefit of getting the rewards is that you will be provided with additional protection from healthcare expenditures. Get health insurance no claim bonus from the top-rated health insurance service provider.

No Claim Bonus Work Process

The insurance policy caters the cumulative benefit in which the sum insured gets increased by a certain percentage as per every claim-free year. Most of the time, the sum gets increased by 10% every year and the maximum limit which can increase up to 50% of the original sum insured. Every day, the medical expenses are getting highly costly. Therefore, the medical insurance is designed accordingly. If you or your family member gets hospitalized for any health issues, then you may have to face financial problems. Having no claim bonus health insurance will help the insured person get medical treatments on the spot. The insurance policy will help your money to be reimbursed in a certain period of time or you can go for the cashless medical bill with the help of no claim bonus health insurance.

If you get no claim bonus health insurance worth rupees five lakh, then there will be a 10% hike in the amount insured, if you have not used a claim for an entire year. If you do not use the insurance claim for a year, then the amount which will be insured in the first year will be five lakh rupees and the amount insured in the second year will be 5.5 lakhs, if the claim goes unclaimed. If you do not use the claim in the third year, then the sum insured will be six lakh and five thousand rupees. In this way, the no claim bonus health insurance works.

Prominent Types Of No Claim Bonus

In the discount on premium health insurance policy, the insurer will not be provided with no premium. By a certain percentage, the amount of the premium will decrease each year. Still, the insured person will find no changes in the insurance coverage which will be the same. In the cumulative bonus, a person will enjoy the added bonus. You should keep in mind that the sum will not get increased beyond 50% of the original amount insured. If you read the terms and conditions, then a certain percentage of the hike will be given. Most of the people go for the cumulative bonus because the health insurance will keep on increasing with each passing day. People who have a family floater plan can use the cumulative bonus health insurance.

Prime Benefits Of No Claim Bonus

* If you want to change the plan, then you can transfer the no claim bonus to another policy. As the no claim bonus can be easily transferred, so a large number of people opt for no claim bonus.

* No claim bonus offers maximum coverage. When it comes to spending money on the medical expenses, then the maximum coverage benefit will be useful for you.

* The chances of getting a hike in the sum insured is high when you do not claim the insurance for the whole year. You can get more money in the health insurance policy when you do not use the health insurance for a year.

* When you or your family member suffers from a certain illness, then you do not have to bear the financial burden on the medical expenses. During medical emergencies, you can keep yourself and your family safe by having a health insurance policy from the care health insurance company.

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